Director of Finance Royal Sonesta

Company: The New Orleans Tribune
Location: New Orleans
Posted on: November 13, 2024

Job Description:

Position Title: Director of Finance
Location: Royal Sonesta New Orleans
Department: Finance
Reports To: General Manager
Type: Exempt (Salary)
Position Summary:
As the hotel's strategic financial business leader, the Director of Finance is responsible for creating and executing business plans that are aligned with the property's and brand's business strategy. Functions include planning, organizing, directing and controlling the financial operations while ensuring the security of hotel assets, maximizing the return on investment, providing timely and accurate reporting and analysis of results and integrity of the management information systems in a decentralized accounting environment. The Director of Finance reports directly to the General Manager. As a member of the hotel's Executive Committee, the Director of Finance is a highly visible role with exposure to Senior Corporate leaders and Asset Managers of owning entities.
Principal duties and responsibilities (Essential Functions) include:

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• Ensure compliance with Company policies, plus local and standard operating procedures.
  
• Recruit and manage qualified hotel Accounting staff, communicate goals, recommend and/or initiate salary, disciplinary, or other staffing-related actions in accordance with company rules and policies, and applicable federal, state and local laws.
  
• Identify and promote high-potential staff members through a customized Personal Development Program, cross-training and task force opportunities.
  
• Lead in the completion, review and presentation of monthly forecasts, annual operating and capital budgets and business plans prepared by hotel management team to provide stakeholders with reasonable and achievable guidelines of performance aligned with the Company's and brand's strategic direction.
  
• Prepare accurate, timely and complete monthly financial statements with detailed workpapers and schedules in accordance with the Company's policies and procedures, applicable hotel management agreements, Generally Accepted Accounting Principles (GAAP) and the Uniform System of Accounts for the Lodging Industry (USALI).
  
• Develop and implement local accounting and financial control procedures and systems to ensure Sarbanes-Oxley (Sox) 404 key controls compliance, safeguard assets, improve operations and profitability.
  
• Develop a strong business relationship with owners by understanding the priorities and strategic focus, attending and participating in meetings, addressing owner requests and initiatives, and demonstrating a comprehensive understanding of the terms and provisions of hotel management agreements.
  
• Responsible for risk management to preserve hotel property and reduce potential liability claims.
  
• Ensure hotel complies with all federal, state and local laws and fiscal regulations, including license and permit requirements.
  
• Manage and control receivables, payables, credit, payroll, cash handling and treasury functions.
  
• Develop, implement and monitor hotel-specific A/R Responsibility Matrix and credit and collection practices in compliance with Company-level policies and procedures.
  
• Complete all formal performance appraisals and provide staff with coaching, timely constructive feedback, and utilize both counseling and progressive discipline when needed to recognize and enhance staff performance.
  
• Provide analytical support to identify cost saving and productivity opportunities for the property's managers.
  
• Distribute outlook and forecast information as an up-to-date management tool for operating departments, review and analyze variance versus actual results to measure and improve accuracy.
  
• Provide leadership by clearly communicating financial concepts when rolling out initiatives and projects. Measure and report on actual versus anticipated results.
  
• Monitor economic, social and governmental trends and policies to keep stakeholders fully apprised of any impact on meeting the hotel's financial objectives.
  
• Collaborate with department managers to provide stakeholders with meaningful explanations for variances to budget.
  
• Use financial and operational performance analysis, including benchmarking, to maximize hotel's revenue, GOP flow-through and bottom-line financial return.
  
• Assist operations to improve the accuracy of work schedules and set labor standards to maximize productivity. Monitor and accurately measure actual labor usage versus labor standards to ensure timely reporting and decision-making.
  
• Ensure adequate communication and compliance of hotel personnel with the Company Code of Ethics.
  
• Comply with record retention as required for internal and external audits, coordinate audit visits and respond to auditor requests. Ensure compliance with government regulations, federal, state and local laws and contractual agreements, including CBA's.
  
• Monitor purchasing /ordering/delivery compliance and analyze reports from Company mandated buying programs.
  
• Ensure adequate insurance coverage and COIs provided by third-party contractors.
  
• Ensure timely and accurate reporting to insurance carriers of all incidents with potential liability or property claims.
  
• Ensure timely and accurate sales, use and occupancy tax return and compliance form filing preparation as required.
  
• Serve as a member of the hotel's Executive Committee.
  
• Demonstrate ability to interact effectively with people of varying abilities and diverse cultural, ethnic and socioeconomic backgrounds.
  
• Promote teamwork and quality service to all stakeholders including guests, vendors, Accounting staff, regulatory agencies and owners.
  
• Perform additional administrative duties as needed or requested such as negotiating, monitoring and tracking expiration and renewal dates of hotel contracts, space and tenant leases, etc.
  
• May assist with other duties as required.
  
  Qualifications and Skills
  Qualifications
  To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
  Education and/or Experience
  Minimum: Bachelor's degree in Accounting, Finance or equivalent and 10+ years in hotel accounting for a large, complex hotel operation, or an equivalent combination of education and work-related experience. CPA or MBA preferred. For newly-opening hotels previous hotel pre-opening experience preferred. Must speak English fluently. Other languages preferred. The ideal candidate has experience in managing multiple hotels or business units.
  Language Skills
  Clear and concise communication skills, in English. Ability to read, analyze, interpret and formulate general business policies and procedure are used often in reviewing financial analyses, budgets, and other related reports. Writing abilities are used in compiling financial reports, as well as to document business financial activities and to write business correspondence, policies and procedures. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the public.
  Mathematical and Technical skills
  Problem solving, reasoning, motivating, organizational and training abilities are used often. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form, and to perform multiple tasks simultaneously. Basic math, financial planning and budgeting, cost management, profit/loss concepts, percentages, and variances are utilized frequently. Must be able to devise, prepare and maintain spreadsheets using various software systems, and must have knowledge of computerized financial reporting systems and programs, including proficiency in Microsoft Outlook, Word and Excel. Sound understanding of the hotel operational and back office systems and applications as well as Microsoft Office products. Knowledge of finance, budgeting and accounting processes, capital project management, standards and techniques, Uniform System of Accounts for the Lodging Industry (USALI), and Generally Accepted Accounting Principles.
  Sonesta People Standards
  Must be knowledgeable and demonstrate use of Sonesta People Standards with all internal and external guests.
  Core Guiding Principles
  Must demonstrate understanding of Core Guiding Principles through words and actions.
  Physical Demands
  The ability and willingness to travel is required to provide oversight to non-home hotel. The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this Job, the employee is regularly required to stand and use hands to finger, handle, or feel. The employee is frequently required to talk or hear. The employee is occasionally required to walk, reach with hands and arms and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 50 pounds.
  Work Environment
  The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.
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Keywords: The New Orleans Tribune, Baton Rouge , Director of Finance Royal Sonesta, Executive , New Orleans, Louisiana